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Marcos Martínez Gavica
Country Head Mexico
Banco Santander (México) S.A. (“Santander México) and Banco Santander, S.A. ("Santander") both caution that this presentation contains forward-looking statements. These forwardlooking statements are found in various places throughout this presentation and include, without limitation, statements concerning our future business development and economic
performance. While these forward-looking statements represent our judgment and future expectations concerning the development of our business, a number of risks, uncertainties and
other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to: (1) general market, macroeconomic, governmental and regulatory trends; (2) movements in local and international securities markets, currency exchange rates and interest rates; (3) competitive pressures; (4)
technological developments; and (5) changes in the financial position or credit worthiness of our customers, obligors and counterparties. The risk factors that we have indicated in our
past and future filings and reports, including those with the Securities and Exchange Commission of the United States of America (the “SEC”) could adversely affect our business and
financial performance. Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward-looking statements.
Forward-looking statements speak only as of the date on which they are made and are based on the knowledge, information available and views taken on the date on which they are
made; such knowledge, information and views may change at any time. Santander does not undertake any obligation to update or revise any forward-looking statement, whether as a
result of new information, future events or otherwise.
The information contained in this presentation is subject to, and must be read in conjunction with, all other publicly available information, including, where relevant any fuller disclosure
document published by Santander. Any person at any time acquiring securities must do so only on the basis of such person's own judgment as to the merits or the suitability of the
securities for its purpose and only on such information as is contained in such public information having taken all such professional or other advice as it considers necessary or
appropriate in the circumstances and not in reliance on the information contained in the presentation. In making this presentation available, Santander gives no advice and makes no
recommendation to buy, sell or otherwise deal in shares in Santander or in any other securities or investments whatsoever.
Neither this presentation nor any of the information contained therein constitutes an offer to sell or the solicitation of an offer to buy any securities. No offering of securities shall be
made in the United States except pursuant to registration under the U.S. Securities Act of 1933, as amended, or an exemption therefrom. Nothing contained in this presentation is
intended to constitute an invitation or inducement to engage in investment activity for the purposes of the prohibition on financial promotion in the U.K. Financial Services and Markets
Act 2000.
Note: Statements as to historical performance, share price or financial accretion are not intended to mean that future performance, share price or future earnings (including earnings per
share) for any period will necessarily match or exceed those of any prior year. Nothing in this presentation should be construed as a profit forecast.
Note: The businesses included in each of the geographical segments and the accounting principles under which their results are presented by Grupo Santander may differ from the
business included in the public subsidiaries in such geographies and the accounting principles applied locally. Accordingly, the results of operations and trends shown by Grupo Santander
for its geographical segments may differ materially from those disclosed locally by such subsidiaries.
Helping people and businesses prosper
1
Agenda
1
Market and financial system
2
Strengths and opportunities
3
Strategy
4
Targets
2
Agenda
1
2
3
Strategy
4
Targets
3
The evolution of Mexican macroeconomic fundamentals indicate a solid and
growing economy
Stable macroeconomic
fundamentals
Growing economy
Inflation and unemployment (%)
Real GDP and real consumption
growth (annual growth rate, %)
Real consumption
5.7
5.1
1.9
1.2
4.8
4.0
Real GDP
Inflation
4.9
4.0
6
2.3
2.1
Economic variables
3.1
2.0 2.4
5.1 5.5
5.4
Interest rate1 and foreign exchange
rate (%, MXN/USD)
Unemployment rate
5.2
Interest rate
5.0
4.9
4.9
16
4.2
5.3
4.0
4.2
4.1
3.8
11
12
13
14 15(e)
8.3
4.5
8
4.5
4.5
4.5
3.5
3.0
3.5
0
08 09
10
11
12
13
14 15(e)
08
09
10
(1) Central Bank reference interest rate (closing)
Source: EIU; CEFP; Banxico, INEGI & Santander estimates
13.1
2
0
10
12.3
14.7
13.0
4
1
09
13.9
13.1
6
2
08
14
10
2.9
-6.5
13.8
12
4.0
3.4
3
16.5
18
5
4
FX
4
11
12
13
14
15(e)
The Mexican banking industry is solid and has high growth potential, with
five key factors that will continue to drive its expansion
A solid banking industry…
• Second largest in LATAM’s
… where 5 key factors will drive further growth
Favourable macroeconomic environment
• Underpenetrated market (23% loan to GDP
in Mexico vs. 47% LATAM average1)
Positive demographic and socio-economic
evolution
• 10% CAGR loans and deposits volumes
(2007-2014)
Low and increasing bank penetration
• Stable regulatory environment
• Healthy liquidity and risk position with NPLs
constant at ~3% for the past 5 years
Credit opportunities for Micro and SMEs
Growth opportunity in retail and
commercial banking
Source: World Bank: Bank Regulation and Supervision Survey, CNBV, Press clippings, ABM,
INEGI, World Bank Enterprise survey 2010, McKinsey MSME financing Model, McKinsey Global Institute analysis
(1) Considers Brazil, Chile, Colombia, Mexico and Peru
5
Agenda
1
2
3
Strategy
4
Targets
6
Santander has a leading franchise in Mexico …
Ranking
Market Shares
• 1,114 branches1
11%
Volumes
Branches
Expenses
• 16,768 employee
9%
• €27.5bn in deposits
Employees
10%
• 5,756 ATMs
Net Income
8%
12% 12%
Profit before taxes
9%
Gross Op. Income
• €28.4bn in loans
• €6.2bn in equity
Infrastructure
14%
• €60.7bn in assets
Net Op. Income
Santander Mexico
• 6.7MM active
customers
(1) Complemented by cash desks (ventanillas), and Santander Select branches (including Centros Select, Espacios Select and box branches) as of 1H’15
Source: CNBV and Santander Mexico as of 1H´15
7
Ranking
… with a diversified portfolio focused on high income individuals, SMEs and
middle market segments
Retail
Segmentation
Total Loan Portfolio
Contribution
Segmentation
% of customers
5%
33%
62%
Commercial
% of customers
Consumer
8%
Credit
Cards
9%
40%
Mortgages
23%
49%
11%
MiddleMarket
24%
2%
15%
€28.4bn
SMEs
12%
Corporates
14%
45%
16%
Gov&FinEn
10%
40%
82%
Revenues
Revenues
Source: Company data as of 1H´15
Contribution
8
Santander has achieved a leading market position across its key strategic
segments while growing profits above its peers since the financial crisis…
€bn
+33%
Leading player in the
high-potential SMEs
segment
Sanmex EBT1
#1
€bn
Recurring
Extraordinary2
3.0
3,0
08
09
10
11
12
13
+14%
+14%
0.9 0.9 1.1 1.1 1.0
0.7
0.4
08
6,0
09
10
11
12
13
+26%
+26%
Strong focus on mid
and high income
mortgage market
6.1
6,1
08
09
10
11
12
13
14
10
11
12
13
14
CAGR (%) 2008 - 2014
14
#2
09
Peers3 EBT
6.0
08
+14%
14
#2
Consolidating Middle
Market position
CAGR
15
10
5
0
-5
-10
-15
5
-11
-1
Peer 1
Peer 2
Peer 3
8
Peer 4
12
14
Peer 5
San Mex
Source: Company data as of Dec´14 and San Mex Analysis (1) Earnings Before Taxes (2) Excludes €0.1bn from sale and lease back in 2012 and €0.2bn from non cash benefit in expenses in ‘13 (3) Top 5 Banks
9
… and maintaining a strong and healthy profile
Capitalisation
(%)
16.2 15.5 15.3
Santander
Peer 1
Peer 2
Net Loans to Deposits
Tier 2
Core capital
15.2
13.3
13.2
Peer 3
Peer 4
Peer 5
(%)
108.1 105.0 97.6 95.6
Peer 1
Peer 2
Cost to Income
(%)
42.7
Peer 1
43.0 48.5
Santander
Peer 2
Peer 3
Peer 4
Peer 5
Cost of Risk
49.0 61.4
Peer 3
Santander
81.7 74.8
Peer 4
68.3
Peer 5
6.0
(%)
2.4
2.7
Peer 1
Peer 2
3.3
3.3
Santander
Peer 3
Source: CNBV Financial Groups as of 2014
10
3.7
Peer 4
Peer 5
Agenda
1
2
3
Strategy
4
Targets
11
Santander Mexico aims to be the market leader in profitability and growth
through a focus on innovation and operational transformation
Be the market leader
in profitability and growth
Goals
STRENGTHEN POSITION
IN RETAIL
Strategic
priorities
•
Retain existing
customers
•
Become their primary
bank
•
Acquire new highpotential customers
Enablers
•
OPERATING •
MODEL
•
CONSOLIDATE KEY
MARKETS
•
SMEs and
mid-market
•
•
Corporate banking
Mortgages
Technology and infrastructure
Talent, quality and processes
Marketing and branding
12
Strengthen position in the retail segment…
Main goals
Rationale
Reduce
attrition and
make current
customers
loyal
• Historically
underweight in retail
(Mkt share in deposits: 10%
retail vs. 20% commercial)
• High attrition levels
(9% in high income & 16% in
mid income)
• Large customer base with
low loyalty levels
(20% loyal customers)
Acquire new
high-potential
customers
Key targets
Become the primary bank of
our customers
+33% •
Retail Loyal customer from
1.2MM to 1.6MM1
+55%
Payroll growth in 3 years
>Mkt
Consumer and cards, growth
above market
+100
bps
per year
Gain mkt share in retail
demand deposits
(1) 2018(e)/1H’15
13
…with initiatives targeting all the relevant levers of growth
Increase penetration to
high-potential customers
Focus on direct debit
Special products
(Bundles / open-market)
• Insurance and personal loans to high-income mortgage customers
• Educational loans and credit cards to university students
• Agreements with national service suppliers
• Guarantees to overcome existing mistrust in providers
• New product with cash-backs and special benefits
• Develop risk/value based pricing and leverage alternative channels
Comprehensive
payroll plan
• Focus on high-income and low rotation companies
• Employee: tailored offers by segment, close contact and effective on-boarding
• Employer: better infrastructure and process support
Targeted value
propositions
• Develop attractive financial and non-financial offers for specific clusters
• Strategic alliances (e.g., Telefonica, Spotify)
14
Consolidate leading positions in key markets…
Rationale
• Strong market position in
SMEs, middle-market,
corporate banking and
mortgages
• Further growth expected
on these segments
• Building upon Santander
Mexico and Santander
Group current
competitive advantage
Main goals
Key targets
Increase growth
and market share
on larger SMEs and
mid-market
Maintain
leadership
Maintain
leadership
on on
and middle-market
#1SMEsSMEs
and middle-market
34% and
34%21%
and mkt
21%share*
mkt share*
Leverage growth in
infrastructure
projects
Become
a topacorporate
Become
top Corporate
#1bankbank
–infrastructure
– infrastructure
Sustain growth and
leadership in
mid/high-income
mortgages
#2
Consolidate position in
mortgages 20% mkt
share1
(1) Among the 6th largest banks in Mexico, in loans
15
… leveraging Santander’s position and experience
• Create exclusive commercial offer for SMEs II (focus on fee income)
SMEs and mid-market
• Direct payment to suppliers
• Collaboration agreements (Amex, Telefonica)
• Sector-specific packages (Agro, Comex)
• Leverage on Santander’s competitive advantages
Corporate banking
• Strong relationships and track record
• Combine global network and local presence
Mid and high-income
mortgages
• Focus on Santander financed home-developments
• Simplify the credit substitution process
• Re-launch liquidity credit initiatives
16
To successfully achieve these goals, Santander Mexico needs
to execute a deep operating model transformation
Technology and infrastructure
Upgrade to state-of-the-art
technology
•
Infrastructure (multi-function
ATM network)
•
Channels (online/mobile)
•
CRM (segment/big data)
Talent, quality and processes
Improve satisfaction and
customer experience
Brand / Marketing
Position Santander as the
‘Top of mind’ bank
•
Corporate culture
•
•
Personnel retention,
training and career plan
Marketing and brand
awareness strategy
•
Commercial actions
(high-visibility product
promotions)
•
Customer service
•
Operating processes
17
Prudent risk management and focus on efficiency
Risks
Expenses
Prudent risk management leads to stable asset quality
• NPLs
• Expenses growth
3.8%
1H'15
<3.5%
2018(e)
Stable cost of risk
5.7%
<5.0%
1H'15
2018(e)
Execute deep operational transformation
• Cost of risk
Group criteria
Accompany business growth
• Efficiency
42.4%
2.9%
3.1%
1H'15
2018(e)
<37.0%
1H'15
2018(e)
18
Agenda
1
2
3
Strategy
4
Targets
19
2018 Mexico targets
People
Customers
1H’15
2018
Great Place to Work bank ranking1
Commercial Team Turnover
Top 9
14.7%
Top 5
~12%
Total loyal customers (MM)
1.3
0.8
Top 4
>Mkt
2%(2)
1.7
1.8
Top 3
>Mkt
10%(3)
12.5%
13.4%
42.4%
3.8%
>10%
>16%
<37%
<3.5%
Digital customers (MM)
Customer satisfaction
Growth in business volumes
Fee income CAGR
FL CET1
Shareholders
RoTE
C/I ratio
NPL ratio
Communities
Note: Group criteria except FL CET1
17.6
Number of scholarships 2016-2018 (k)
(1) Out of 42 companies in the financial sector (2) 1H’14-1H’15 (3) 2015-2018
20
Transparent performance metric for 2016
Key metric
Digital
Customers (k)
1H’15
752
2016
1,040
Improvement
Comment
+38%
• We will improve on-boarding processes to new channels,
implement a new multichannel on-boarding strategy and add
new functionality to our digital platform
Retail
Payrolls (k)
2,970
3,319
+12%
• Improve on-boarding process to guarantee contactablility and
focus on client needs
• Reduction in processing time of loan applications and approval
• Plan to reduce attrition
Credit Card
Accounts (k)
2,593
2,900
+12%
• Supported by new clients attraction plan and the increase in
engagement efforts
+25%
• Development of new SME II segment (from 50 to 200 million
pesos of annual sales)
SMEs Loan Portfolio
(MXN MM)
60,000
75,000
21
Key takeaways
Mexico has high potential for growth in a strong and
healthy financial system
Santander Mexico is well positioned to take advantage of this
potential to become the market leader in profitability and growth…
…by strengthening our position in the retail segment and
consolidating our leadership position in key markets through…
…an operational transformation focused on quality
and technological innovation
22

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